| Issued: Wednesday, 2 November 2022, London U.K. |
| GSK delivers strong Q3 2022 sales of £7.8 billion +18% AER, +9% CER and Total EPS 255.9p +>100% AER, +>100% CER; Adjusted EPS of 46.9p +25% AER, +11% CER |
| Highlights | |
| Strong commercial execution drives continued sales growth across Specialty Medicines, Vaccines and General Medicines | |
| · | Specialty Medicines £2.7 billion +36% AER, +24% CER; HIV +19% AER, +7% CER; Oncology +28% AER, +19% CER; Immuno-inflammation and other specialty +29% AER +17% CER; COVID-19 solutions (Xevudy) sales £0.4 billion |
| · | Vaccines £2.5 billion +14% AER, +5% CER; Shingrix £760 million +51% AER, +36% CER |
| · | General Medicines £2.6 billion +7% AER, +1% CER |
| Prioritised investment in growth with cost discipline | |
| · | Total continuing operating margin 15.2%. Total EPS 255.9p >100% AER, >100% CER primarily reflecting the gain from discontinued operations arising on the demerger of the Consumer Healthcare business. Total continuing EPS 18.8p -14% AER, -35% CER |
| · | Adjusted operating margin 33.3%. Adjusted operating profit growth +18% AER, +4% CER. This included a contribution to growth from COVID-19 solutions of approximately +1% AER, +2% CER |
| · | Adjusted EPS 46.9p +25% AER, +11% CER. This included a contribution to growth from COVID-19 solutions of approximately +1% AER, +3% CER |
| · | Q3 2022 continuing cash generated from operations £1.9 billion. Free cash flow £0.7 billion |
| Continued strengthening of late-stage R&D pipeline with regulatory approvals, positive data read-outs and further complementary business development | |
| · | US FDA approval for Boostrix maternal and Menveo single-vial presentation. Momelotinib for treatment of myelofibrosis submitted to US FDA |
| · | Positive phase III data for RSV older adults candidate vaccine presented at ID Week 2022. Priority Review granted in the US and regulatory submission acceptance in EU and Japan |
| · | Completed Affinivax acquisition on 15 August 2022. Announced exclusive licence agreement with Spero Therapeutics for late-stage antibiotic tebipenem |
| · | Phase III data readouts expected in Q4 2022: Jemperli in 1L endometrial cancer, Blenrep in 3L multiple myeloma and gepotidacin for treatment of uncomplicated urinary tract infection |
| Growing revenues and improving margin support confidence in outlooks | |
| · | 2022 Guidance raised: expect to deliver growth in sales of between 8% to 10% CER and growth in 2022 adjusted operating profit of between 15% to 17% CER |
| · | 2022 guidance excludes any contribution from COVID-19 solutions |
| · | Dividend of 13.75p/share declared for Q3 2022. No change to expected dividend from GSK of 61.25p/share for FY 2022 |
| Emma Walmsley, Chief Executive Officer, GSK:“GSK has delivered another quarter of excellent performance, with strong growth in Specialty Medicines, record sales for our shingles vaccine, Shingrix, and further improvements in adjusted operating profit. We are again raising our full-year guidance and expect good momentum in 2023, further strengthening our confidence in our performance outlooks, driven by Shingrix global expansion and expected new launches including our new RSV vaccine. We are also making good progress to strengthen our early-stage pipeline and will continue to invest in targeted business development to build optionality and support growth in the second half of the decade.” |
| The Total results are presented in summary on page 2 and under ‘Financial performance’ on pages 10 and 22 and Adjusted results reconciliations are presented on pages 18, 19, 30 and 31. Adjusted results are a non-IFRS measure excluding discontinued operations that may be considered in addition to, but not as a substitute for, or superior to, information presented in accordance with IFRS. Adjusted results are defined on page 38 and £% or AER% growth, CER% growth, free cash flow and other non-IFRS measures are defined on page 65, COVID-19 solutions are also defined on page 66. GSK provides guidance on an Adjusted results basis only, for the reasons set out on page 38. All expectations, guidance and targets regarding future performance and dividend payments should be read together with ‘Guidance, assumptions and cautionary statements’ on pages 67 and 68. |
| Q3 2022 results | |||||||||||
| Q3 2022 | Growth | 9 months 2022 | Growth | ||||||||
| £m | £% | CER% | £m | £% | CER% | ||||||
| Turnover | 7,829 | 18 | 9 | 21,948 | 25 | 19 | |||||
| Total continuing operating profit* | 1,191 | (14) | (35) | 4,565 | 18 | 5 | |||||
| Total EPS | 255.9p | >100 | >100 | 322.0p | >100 | >100 | |||||
| Total continuing EPS | 18.8p | (14) | (35) | 73.6p | 2 | (11) | |||||
| Total discontinued EPS* | 237.1p | >100 | >100 | 248.4p | >100 | >100 | |||||
| Adjusted operating profit | 2,605 | 18 | 4 | 6,556 | 27 | 16 | |||||
| Adjusted EPS | 46.9p | 25 | 11 | 113.9p | 31 | 20 | |||||
| Cash flow from operations attributable to continuing operations | 1,907 | (12) | 5,843 | 49 | |||||||
| Free cash flow | 712 | (13) | 2,453 | >100 | |||||||
| * | The amounts presented in the table above for continuing operations and Adjusted results excludes the Consumer Healthcare business discontinued operation. The amounts presented for discontinued EPS are for the demerger of the Consumer Healthcare business. The presentation of continuing and discontinued operations under IFRS 5 are set out on page 51. |
| 2022 guidance |
| Reflecting the momentum of the business performance in the year to date, GSK now expects 2022 sales to increase between 8 to 10 per cent and Adjusted operating profit to increase between 15 to 17 per cent, excluding any contributions from COVID-19 solutions. Adjusted Earnings per share is expected to grow around 1 per cent lower than Operating Profit. We have delivered a strong nine-month performance ahead of our full-year guidance. In the fourth quarter, we anticipate continued strong sales growth and a relatively higher rate of R&D spending, reflecting the dynamics of prior year comparisons, in-year phasing, and continued targeted commercial investment. Notwithstanding uncertain economic conditions across many markets in which we operate, we continue to see evidence of healthcare systems recovering and now expect full-year sales of Specialty Medicines to increase low double-digit percentage at CER excluding Xevudy sales and sales of General Medicines to be broadly flat, primarily reflecting the increased genericisation of established Respiratory medicines. Vaccines sales, excluding COVID-19 solutions, are expected to grow mid to high-teens percentage at CER for the full year. Specifically, for Shingrix, we expect strong double-digit growth and record annual sales in 2022, based on strong demand in existing markets and continued geographical expansion. From Q2 2022, the Group presented the Haleon plc (Haleon) business as a discontinued operation according to IFRS 5. Adjusted results exclude profits from discontinued operations. Comparatives have been restated to reflect adjusted results from continuing operations, and guidance is provided on this basis. Dividend policies and expected pay-out ratios are unchanged for GSK, but the dividends per share have been adjusted for the GSK Share Consolidation completed on 18 July 2022. The future dividend policies and guidance regarding the expected dividend pay-out in 2022 for GSK are provided on page 36 . 2022 COVID-19 solutions expectationsThe majority of expected COVID-19 solutions sales for 2022 have been achieved in the year to date. Based on known binding agreements with governments, we anticipate that sales of COVID-19 solutions will be substantially lower going forward. Sales of COVID-19 solutions for 2022 are at a reduced profit contribution compared with 2021 due to the increased proportion of lower-margin Xevudy sales; we anticipate this to reduce Adjusted Operating profit growth (including COVID-19 solutions in both years) by around 4%. We continue to discuss future opportunities to support governments, healthcare systems, and patients whereby our COVID-19 solutions can address the emergence of any new COVID-19 variant of concern . All expectations, guidance and targets regarding future performance and dividend payments should be read together with ‘Guidance, assumptions and cautionary statements’ on pages 67 and 68. If exchange rates were to hold at the closing rates on 30 September 2022 ($1.11/£1, €1.13/£1 and Yen 160/£1) for the rest of 2022, the estimated positive impact on 2022 Sterling turnover growth for GSK would be 7% and if exchange gains or losses were recognised at the same level as in 2021, the estimated positive impact on 2022 Sterling Adjusted Operating Profit growth for GSK would be 13%. |
| Performance: Full year guidance |
| All outlooks exclude the contributions of COVID-19 solutions unless stated otherwise | Current 2022 guidance at CER | Previous 2022 guidance at CER |
| Specialty Medicines turnover | Increase low double-digit % | Increase approximately 10% |
| Vaccines turnover | Increase mid to high-teens % | Increase low to mid-teens % |
| General Medicines turnover | Broadly flat | Slight decrease |
| Commercial operations turnover | Increase between 8% to 10% | Increase between 6% to 8% |
| Adjusted operating profit | Increase between 15% to 17% | Increase between 13% to 15% |
| Adjusted earnings per share (no change) | Growth around 1% less than operating profit growth | Growth around 1% less than operating profit growth |
| COVID-19 solutions | Reduced Adjusted operating profit growth (including COVID-19 solutions in both years) by around 4% | Reduced Adjusted operating profit growth (including COVID-19 solutions in both years) by around 4% to 6% |
| Demerger of Consumer Healthcare |
| On 18 July 2022, GSK plc separated its Consumer Healthcare business from the GSK Group to form Haleon, an independent listed company. The separation was effected by way of a demerger of 80.1% of GSK’s 68% holding in the Consumer Healthcare business to GSK shareholders. Following the demerger, 54.5% of Haleon was held in aggregate by GSK Shareholders, 6.0% remains held by GSK (including shares received by GSK’s consolidated ESOP trusts) and 7.5% remains held by certain Scottish Limited Partnerships (SLPs) set up to provide collateral for a funding mechanism pursuant to which GSK will provide additional funding for its UK defined benefit Pension Schemes. The aggregate ownership by GSK (including ownership by the ESOP trusts and SLPs) after the demerger of 13.5% is measured at fair value with changes through profit and loss. The gain on the demerger for the distributed stake was £ 7.2 billion which was recognised in Q3 2022. The asset distributed was the 54.5% ownership of the Consumer Healthcare business. The net assets derecognised reflected Consumer Healthcare transactions up to 18 July 2022 which included pre-separation dividends declared and settled before 18 July 2022. Those dividends included: £10.4 billion (£7.1 billion attributable to GSK) of dividends funded by Consumer Healthcare debt that was partially on-lent during Q1 2022 and dividends of £0.6 billion (£0.4 billion attributable to GSK) from available cash balances. GSK’s share of the pre-separation dividends funded by debt resulted in a reduction of net debt for GSK on demerger. The gain on the demerger arising from remeasurement of the retained stake was £ 2.4 billion which was recognised in Q3 2022. The total gain on the demerger of the Consumer Healthcare business in Q3 2022 was £9.6 billion. In addition, the Profit after taxation from discontinued operations for the Consumer Healthcare business from 1 January to 18 July 2022 was £ 0.6 billion which increased the Total profit after tax of discontinued operations in the nine month period to £ 10.2 billion. |
| Results presentation |
| A conference call and webcast for investors and analysts of the nine months and Q3 2022 results will be hosted by Emma Walmsley, CEO, at 12pm GMT on 2 November 2022. Presentation materials will be published on www.gsk.com prior to the webcast and a transcript of the webcast will be published subsequently. Information available on GSK’s website does not form part of, and is not incorporated by reference into, this Results Announcement. |
| Operating performance summary |
| The amounts below are from continuing operations unless otherwise specified. |
| Turnover | Q3 2022 | 9 months 2022 | |||||||||
| £m | Growth£% | GrowthCER% | £m | Growth£% | GrowthCER% | ||||||
| Specialty Medicines | 2,749 | 36 | 24 | 8,588 | 56 | 49 | |||||
| Vaccines | 2,479 | 14 | 5 | 5,863 | 18 | 12 | |||||
| General Medicines | 2,601 | 7 | 1 | 7,497 | 5 | 2 | |||||
| Commercial Operations | 7,829 | 18 | 9 | 21,948 | 25 | 19 | |||||
| Total turnover in Q3 2022 reflected strong performance in Specialty Medicines and Vaccines product groups and in the nine months 2022 reflected strong performance in all three product groups. Commercial Operations turnover excluding pandemic sales grew 15% at AER, 7% at CER in the third quarter and 15% at AER, 10% at CER in the nine months. Specialty Medicines included sales of Xevudy of £411 million in the third quarter and £2,184 million in the nine months. Under Speciality Medicines Nucala and Benlysta grew double digit at AER and at CER in the third quarter, and in the nine months all therapy areas grew double digit at AER. Vaccines growth in Q3 2022 and in the nine months 2022 reflected strong Shingrix performance partially offset by pandemic adjuvant sales in 2021. Specialty Medicines Specialty Medicines sales growth in Q3 2022 and in the nine months 2022 was driven by consistent growth in all therapy areas. Specialty Medicines excluding sales of Xevudy were £2,338 million, up 22% at AER, 11% at CER in the quarter and £6,404 million, up 19% at AER, 13% at CER in the nine months 2022. Vaccines Vaccines sales excluding pandemic adjuvant sales grew 19% at AER, 9% at CER in the third quarter and 27% at AER, 20% at CER in the nine months 2022. Growth in Vaccines reflected a favourable comparator in 2021 which was impacted by COVID-19 related disruptions in several markets as well as strong commercial execution of Shingrix. In the third quarter, growth was partially offset by MMR/V vaccines supply constraints and US Centers for Disease Control and Prevention (CDC) stockpile borrows. General Medicines In General Medicines, growth in Q3 2022 and in the nine months 2022 was mainly driven by Trelegy in respiratory and the post-pandemic rebound of the antibiotic market in Other General Medicines, partially offset by the impact of generic competition in US, Europe, and Japan. In Q3 2022, there was a 3 percentage point decrease in growth due to higher Returns and Rebates (RAR) adjustments in the comparative quarter. Operating profit Q3 2022Total operating profit was £1,191 million compared with £1,380 million in Q3 2021. The reduction primarily reflected the higher remeasurement charges for contingent consideration liabilities and the fair value loss on the retained stake in Haleon, partly offset by increased profits on turnover growth of 9% at CER. Adjusted operating profit was £2,605 million, 18% higher than Q3 2021 at AER and 4% at CER on a turnover increase of 9% at CER. The Adjusted operating margin of 33.3% was stable at AER and 1.6% percentage points lower at CER than in Q3 2021. This primarily reflected the impact from low margin COVID-19 solutions sales (Xevudy) as well as increased launch investment in SG&A in Specialty Medicines and Vaccines. This was partly offset by higher royalty income. 9 months 2022Total operating profit was £4,565 million compared with £3,865 million in 2021. This included the £0.9 billion upfront income received from the settlement with Gilead Sciences, Inc (Gilead) and increased profits on turnover growth of 19% at CER, partly offset by higher remeasurement charges for contingent consideration liabilities and a fair value loss of £377 million on the retained stake in Haleon. Adjusted operating profit was £6,556 million, 27% higher at AER and 16% at CER than 2021 on a turnover increase of 19% at CER. The Adjusted operating margin of 29.9% was 0.5 percentage points higher at AER and 0.7 percentage points lower at CER compared to 2021. This reflected the impact from low margin COVID-19 solutions sales (Xevudy). This was offset by operating leverage from strong sales growth, mix benefit and higher royalty income. Earnings per share Q3 2022Total EPS from continuing operations was 18.8p compared with 21.9p in Q3 2021. The reduction primarily reflected increased charges for remeasurement of contingent consideration liabilities and a fair value loss on the retained stake in Haleon. Adjusted EPS was 46.9p compared with 37.4p in Q3 2021, up 25% at AER, 11% at CER, on a 4% CER increase in Adjusted operating profit primarily reflecting growth in all three product groups, lower interest charges from reduced debt and a lower effective tax rate compared to Q3 2021, partly offset by lower leverage as a result of higher lower margin sales of pandemic solutions (Xevudy) as well as increased launch investment in SG&A. 9 months 2022Total EPS from continuing operations was 73.6p compared with 72.2p in 2021. This primarily reflected the £0.9 billion upfront income received from the settlement with Gilead and increased profits on turnover growth of 19% at CER, partly offset by higher remeasurement charges for contingent consideration liabilities and a £377 million fair value loss on the retained stake in Haleon as well as an unfavourable comparison due to a credit of £325 million to Taxation in Q2 2021 resulting from the revaluation of deferred tax assets. Adjusted EPS was 113.9p compared with 86.8p in 2021, up 31% at AER, 20% at CER, on a 19% CER turnover increase. Adjusted operating profit reflected higher COVID-19 solutions sales at low margin. Operating leverage from growth in sales of Specialty Medicines and Vaccines, beneficial mix, higher royalty income and a lower effective tax rate was partly offset by increased investment behind launches in Specialty Medicines and Vaccines plus higher supply chain, freight and distribution costs and higher non-controlling interests. Cash flow Q3 2022Cash generated from operations attributable to continuing operations for the quarter was £1,907 million (Q3 2021: £2,161 million). The decrease primarily reflected increased cash contributions to the UK defined benefit pension schemes and unfavourable timing of profit share payments for Xevudy partly offset by an increase in operating profit, including beneficial exchange, favourable timing of returns and rebates and favourable timing of collections. 9 months 2022Cash generated from operations attributable to continuing operations for nine months was £5,843 million (2021: £3,920 million). The increase primarily reflected a significant increase in operating profit including the upfront income from the settlement with Gilead, favourable exchange impacts and favourable timing of collections, partly offset by unfavourable timing of profit share payments for Xevudy sales, increased cash contribution to pensions, increased contingent consideration payments reflecting the Gilead settlement in February 2022 and a higher seasonal increase in inventory. Profit and earnings per share from discontinued operations Q3 2022Discontinued operations include the Consumer Healthcare business and certain directly attributable Corporate costs. Profit after taxation from discontinued operations amounted to £9,574 million (Q3 2021: £422 million). This includes £9,578 million for the gain arising on the demerger of Consumer Healthcare split between the amount distributed to shareholders on demerger of £7,227 million, and profit after tax on discontinued operations for the retained stake of £2,351 million (Q3 2021: £nil). The overall gain on the demerger of £9,578 was partly offset by the loss after taxation from discontinued operations including the Consumer Healthcare business of £4 million (Q3 2021: £422 million profit) from 1 to 18 July 2022. EPS from discontinued operations was 237.1p, compared with 7.3p in Q3 2021. The increase primarily reflected the profit after taxation for discontinued operations recognised for the Consumer Healthcare business demerger. For further details see page 54. Total earnings per share Total EPS was 255.9p compared with 29.2p in Q3 2021. The increase primarily reflected the profit after taxation for discontinued operations recognised on the Consumer Healthcare business demerger. 9 months 2022Discontinued operations include the Consumer Healthcare business and certain Corporate costs directly attributable to the Consumer Healthcare. Profit after taxation from discontinued operations amounted to £10,199 million (2021: £1,070 million). This includes £9,578 million for the gain arising on the demerger of Consumer Healthcare split between the amount distributed to shareholders on demerger of £7,227 million and profit after taxation on discontinued operations for the retained stake of £2,351 million (2021: £nil). The overall gain on the demerger of £9,578 was increased by the profit after taxation from discontinued operations including the Consumer Healthcare business of £621 million (2021: £1,070 million) from 1 January to 18 July 2022. Total earnings per share EPS from discontinued operations was 248.4p, compared with 18.6p in 2021. The increase primarily reflected the profit after taxation for discontinued operations recognised on the Consumer Healthcare business demerger. For further details see page 54, discontinued operations. |
| Q3 2022 pipeline highlights (since 27 July 2022) |
| Medicine/vaccine | Trial (indication, presentation) | Event | |
| Regulatory approvals or other regulatory action | Juluca | HIV | Regulatory approval (CN ) |
| Boostrix | Tdap (maternal) | Regulatory approval (US) | |
| Menveo | Invasive meningococcal disease, liquid formulation | Regulatory approval (US) | |
| Regulatory submissions or acceptances | momelotinib | MOMENTUM (myelofibrosis with anaemia) | Regulatory acceptance (US) |
| cabotegravir | Pre-exposure prophylaxis, long-acting injectable | Regulatory acceptance (EU) | |
| RSV older adult vaccine candidate | AreSVi 006 (RSV, older adults aged 60+ years) | Priority Review granted (US) Regulatory acceptance(EU, JP) | |
| SKYCovione COVID-19 vaccine | COVID-19 | Regulatory submission (EU) | |
| Phase III data readouts or other significant events | Jemperli | PERLA (non-small cell lung cancer) | Positive phase II data |
| RSV older adult vaccine candidate | AreSVi 006 (RSV, older adults aged 60+ years) | Positive phase III data presentation | |
| otilimab | contRAst programme (rheumatoid arthritis) | Phase III data readout; concluded development |
| Anticipated news flow |
| Timing | Medicine/vaccine | Trial (indication, presentation) | Event |
| Q4 2022 | Blenrep | DREAMM-3 (3L+ multiple myeloma) | Phase III data readout |
| Blenrep | DREAMM-3 (3L+ multiple myeloma) | Regulatory submission(US, EU) | |
| Jemperli | RUBY (1L endometrial cancer) | Phase III data readout (interim analysis) | |
| momelotinib | MOMENTUM (myelofibrosis with anaemia) | Regulatory submission (EU) | |
| gepotidacin | EAGLE (uncomplicated urinary tract infection) | Phase III data readout (interim analysis) | |
| MenABCWY (gen 1) vaccine candidate | Meningitis ABCWY | Phase III data readout | |
| Rotarix | Rotavirus, liquid formulation | Regulatory decision (US) | |
| COVID-19 vaccine candidate (Sanofi) | COVID-19 | Regulatory decision (EU) |
| Timing | Medicine/vaccine | Trial (indication, presentation) | Event |
| H1 2023 | bepirovirsen | B-Together (hepatitis B virus) | Phase IIb data readout |
| daprodustat | ASCEND (anaemia of chronic kidney disease) | Regulatory decision(US, EU) | |
| Nucala | Severe asthma | Regulatory submission (CN) | |
| momelotinib | MOMENTUM (myelofibrosis with anaemia) | Regulatory decision (US) | |
| Blenrep | DREAMM-8 (2L+ multiple myeloma) | Phase III data readout | |
| Blenrep | DREAMM-7 (2L+ multiple myeloma) | Phase III data readout | |
| Jemperli | RUBY (1L endometrial cancer) | Regulatory submission(US, EU) | |
| gepotidacin | EAGLE (uncomplicated urinary tract infection) | Regulatory submission(US) | |
| MenABCWY (gen 1) vaccine candidate | Meningitis ABCWY | Regulatory submission (US) | |
| RSV older adult vaccine candidate | AreSVi 006 (RSV, older adults aged 60+ years) | Regulatory decision (US) | |
| Shingrix | Shingles, at-risk adults aged 18+ years | Regulatory decision (JP) | |
| SKYCovione COVID-19 vaccine | COVID-19 | Regulatory decision (EU) | |
| COVID-19 vaccine candidate (Sanofi) | COVID-19 | Regulatory submission (US) | |
| H2 2023 | Nucala | Nasal polyposis | Regulatory submission(CN, JP) |
| linerixibat | GLISTEN (cholestatic pruritus in primary biliary cholangitis) | Phase III data readout | |
| Blenrep | DREAMM-3 (3L+ multiple myeloma) | Regulatory decision(US, EU) | |
| Blenrep | DREAMM-8 (2L+ multiple myeloma) | Regulatory submission(US, EU) | |
| Blenrep | DREAMM-7 (2L+ multiple myeloma) | Regulatory submission(US, EU) | |
| Jemperli | RUBY (1L endometrial cancer) | Regulatory decision (US) | |
| Zejula | FIRST (1L maintenance ovarian cancer) | Phase III data readout | |
| cabotegravir | Pre-exposure prophylaxis, long-acting injectable | Regulatory decision (EU) | |
| MenABCWY (gen 2) vaccine candidate | Meningitis ABCWY | Phase II data readout | |
| RSV older adult vaccine candidate | AreSVi 006 (RSV, older adults aged 60+ years) | Regulatory decision (EU, JP) | |
| S. Aureus vaccine candidate | S. Aureus | Phase II data readout |
| Refer to pages 57 to 65 for further details on several key medicines and vaccines in development by therapy area. |
| Contents | Page |
| Q3 2022 R&D pipeline highlights | 7 |
| Financial performance – three months to 30 September 2022 | 10 |
| Financial performance – nine months to 30 September 2022 | 22 |
| Cash generation | 34 |
| Returns to shareholders | 36 |
| Total and Adjusted results | 38 |
| Income statement – three months and nine months ended 30 September 2022 | 40 |
| Statement of comprehensive income – three months and nine months ended 30 September 2022 | 41 |
| Balance sheet | 45 |
| Statement of changes in equity | 46 |
| Cash flow statement – nine months ended 30 September 2022 | 47 |
| Segment information | 48 |
| Legal matters | 50 |
| Additional information | 51 |
| Reconciliation of cash flow to movements in net debt | 56 |
| Net debt analysis | 56 |
| Free cash flow reconciliation | 56 |
| R&D commentary | 57 |
| Reporting definitions | 66 |
| Guidance, assumptions and cautionary statements | 67 |
| Independent review report | 69 |
| Contacts |
| GSK plc (LSE/NYSE:GSK) is a global biopharma company with a purpose to unite science, technology, and talent to get ahead of disease together. Find out more at www.gsk.com. |
| GSK enquiries: | |||
| Media | Tim Foley | +44 (0) 20 8047 5502 | (London) |
| Kathleen Quinn | +1 202 603 5003 | (Washington) | |
| Investor Relations | Nick Stone | +44 (0) 7717 618834 | (London) |
| James Dodwell | +44 (0) 7881 269066 | (London) | |
| Mick Readey | +44 (0) 7990 339653 | (London) | |
| Joshua Williams | +44 (0) 7385 415719 | (London) | |
| Jeff McLaughlin | +1 215 589 3774 | (Philadelphia) | |
| Frances De Franco | +1 215 751 4855 | (Philadelphia) | |
| Registered in England & Wales:No. 3888792 | |||
| Registered Office:980 Great West RoadBrentford, MiddlesexTW8 9GS |